Posted October 28, 2016 by GamblingKing in Gambling

Pros and Cons of Online Bitcoin Gambling

bitcoin gambling
bitcoin gambling

With the expansion of trade, the world has seen and exploited various forms of currency, ranging from seshells, cattle, units of cereal or precious metals to the most wide-spread currency system we still use nowadays: money.

Technology and its vast array of application, has always been a fast evolving, ever-changing field, marking the most important changes for humankind so it should come as no surprise that currency and technology have teamed together to form an even more advanced and powerful system which offers many more options and lessens overall risks.

Cryptocurrency is a new, inspired advancement of the twenty first century and it would seem like it’s here to stay. Slowly but surely, everyone is getting involved with Bitcoin and everything it has to offer, already noting changes in the overall view we have on payment and trade.

Pros of Online Gambling with Bitcoin

There are so many applications that have been made possible with the evolution of Bitcoin, and none is more controversial than online gambling. Many would argue this form of spending money is detrimental, nevertheless cryptocurrency has the potential of making this form of entertainment safer and more secure for those looking to tempt fate and get some fast profits out of this popular form of entertainment.

  1. First of all, gambling with bitcoins is more affordable than utilizing other forms of credit. This is due to the fact that there is no need to use a third party processing unit to make deposits or withdrawals. This is a great advantage for users, as it makes all transactions much more comfortable, not to mention fast.
  2. What some would say is the best thing about Bitcoin, is the anonymity it provides. Especially within the field of gambling, where virtually everyone wants to stay unidentified. Cryptocurrency is the perfect solution to this, because the way it works means that as long as the payment is validated and proven to be accurate, there is no need to confirm the personal identity of whoever is making the transaction.
  3. Accessibility is another huge factor that gives this currency system a plus. Because the currency is nonspecific, it gives players from any location a chance to engage in gambling activities, even if those particular processes are not technically available in the players location. This is due to the fact that no separate Bitcoin gambling legislation exists, making it accessible to players from countries where it would be illegal to engage in gambling, like the USA for example. Many online casinos accept players from America, even though Bitcoin gambling is technically prohibited on the territory of the United States.
  4. Speed is a huge advantage integrated in all of today’s top advancements. You cannot really function in today’s fast-paced society without employing quickness and a fast approach, especially when making transactions. With Bitcoin, making transactions that only take a few minutes to confirm, completely changes the way this kind of action is done. And with online casinos, when receiving a payout takes a few days or in some cases lots more, you can see how this fast system would be considered a great plus for anyone trying to profit from gambling.

Cons of Online Gambling with Bitcoin

Security is a basis for concern when talking about cryptocurrency. Bitcoins can forego the use of banks when it comes to storing funds, meaning fraud issues will have to be handled in a different manner and precautionary methods must be put in place so as to keep the cryptocurrency secure. As not all these kinks have been worked out yet, it’s not surprising that bitcoins are still not very popular. But since it’s such a young concept, with time, it will most probably become immensely popular and why not, maybe even the world’s most used medium of exchange.

Blockchain technology is another amazing new development that will undoubtedly have a hand in changing the face of transactions forever. This clever concept has made it possible for bitcoin casinos to bring reassurance to players and dramatically reduces fraud and all additional costs related to it.
Transparency, quickness and anonymity make Bitcoin gambling a good choice when thinking of online gambling, however, this method still remains one of the less popular ones. Nonetheless, it would seem that even those used to credit cards or traditional e-wallets are willing to give Bitcoin a chance and it is a huge possibility that it will soon be adopted by most if not all major gambling sites out there, so look forward to it! Gambling sites ar already offering bitcoin specific bonuses and rewards. Meanwhile, enjoy watching all the discussions surrounding the subject and make an informed choice when it comes to online gambling.


GamblingKing offers Information, Bonuses and Reviews of all of the top poker, casino, sportsbook and bingo services; with expert articles and more.